China announced measures to boost auto and electronics sales as part of its stimulus effort to support its slowing economy. These include increased car purchase quotas, used car sales support, and promoting domestic AI in electronics. However, investors voiced for stronger stimulus as consumer demand is weak amid recovery uncertainty. China's troubled auto industry has been targeted to lift growth despite falling demand and price wars after news broke of potential fraudulent sales in the EV industry. Markets were unfazed by the latest policies as investors focused on more forceful action from an upcoming Politburo meeting.

EQUITY

The Dow Jones Industrial Average extended its winning streak on Thursday as Johnson & Johnson and IBM rallied, while the Nasdaq and S&P 500 have seen better days after a selloff in Tesla and Netflix dragged down the indices. The tight labour market saw initial jobless claims fall to their lowest level since May, supporting the outlook for a 0.25% rate hike by the Fed next week.

GOLD

Gold prices held steady on Friday and were headed for a positive week as bets increased that the Federal Reserve was nearing the end of its rate hike cycle. However, a strong labour market saw fewer jobless claims, which offset the hope of a continued rate pause, which could be the end of gold's three-week rally next week. 

OIL

Oil prices are steady on tighter supplies from Saudi Arabia and Russia, offset by a recovering dollar. China's stimulus measures may boost demand, but global economic slowdown risks remain. The Fed meeting next week is key for the interest rate outlook, which will impact crude prices.  

CURRENCY

The dollar held steady as strong US job data suggested higher Fed rates for longer, keeping pressure on the yen despite rising Japanese inflation. The BOJ is expected to maintain easy policy at its meeting next week, while the ECB is poised for another rate hike. China pledged more yuan support after state banks reportedly sold dollars to prop it up and unveiled stimulus, though liquidity may pressure the already weak yuan further.